Aerospace Tapes Market Worth $2.4 Billion by 2024 - Exclusive Report by MarketsandMarkets™
CHICAGO, Sept. 2, 2019 /PRNewswire/ -- According to the new market research report "Aerospace Tapes Market by Resin Type (Acrylic, Rubber, Silicone), Backing Material (Paper/Tissue, Film, Foam), End-use Industry (Commercial Aviation, Military Aviation, General Aviation), and Region - Global Forecast to 2024", published by MarketsandMarkets™, the Aerospace Tapes Market size is projected to grow from USD 2.0 billion in 2019 to USD 2.4 billion by 2024, at a CAGR of 4.0%, during the forecast period. There has been a widespread acceptance of aerospace tapes in various industries such as commercial aviation, military aviation, and general aviation.
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Initiatives undertaken by governments of China and India, increasing demand for lightweight and more fuel-efficient aircraft, rising demand for passenger aircraft in emerging regions, and replacement of old/aging aircraft & modernization of existing aircraft are expected to drive the growth of the aerospace industry, thus, consequently augmenting the growth of the aerospace tapes market.
The acrylic-based aerospace tapes are estimated to account for the largest share, by resin type, during the forecast period.
Acrylic is the most-preferred resin type, owing to its good physical & chemical properties, lower cost, and applications. This resin is suitable for use with solvent and water-based technologies. The water-based acrylic adhesives are least expensive among the resins used in the aerospace tapes industry. It is an industrial adhesive tape developed for sound and vibration-reducing applications, including aircraft fuselage interior panels, auto hoods, and trunk lids, floor and door panels, the underside of stainless-steel sinks, and on high-end speakers and metal furniture. It is used for quickly repairing gouges, rips, and tears in sheet metal panels on trailer trucks, and heavy transport equipment, even during transit. It is used in aircraft stripping operations, sealing plastic window seams, and for masking areas, where direct flames, are applied for a limited time.
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The paper/tissue segment is estimated to be the fastest-growing backing material in the aerospace tapes market during the forecast period.
Paper/tissue-backed aerospace tapes are available with kraft, crepe or any recyclable paper coated with adhesive. Paper/tissue-backed tapes made from crepe paper and rubber adhesive coating have a wide range of applications. These tapes are environmentally-friendly and are available in a wide range of colors. Paper tapes have good holding power, heat insulation, and temperature resistance properties. These tapes provide excellent comfort compared to the film-backed aerospace tapes. These factors will boost the demand for aerospace tapes during the forecast period.
Commercial aviation segment to dominate the aerospace tapes market during the forecast period
Commercial aviation involves operating aircraft on hire to transport passengers or multiple loads of cargo. The commercial aviation segment includes commercial airline fleets, cargo planes, and regional airlines. As the standard of living is improving in developing countries, the demand for air travel will continue to grow. Wide and narrow-body aircraft deliveries are expected to drive most of the market growth. These factors are responsible for the growth of aerospace tapes in the commercial aviation segment.
Aerospace tapes market in APAC is expected to register the highest CAGR during the forecast period.
The APAC aerospace tapes market is segmented as China, Japan, India, South Korea, Singapore, and Rest of APAC. APAC is an emerging and lucrative market for aerospace tapes, owing to industrial development and improving economic conditions. This region constitutes approximately 61% of the world's population, resulting in the growth of the manufacturing and processing sectors.
Major players operating in the Aerospace Tapes Market include 3M Company (US), Nitto Denko Corporation (Japan), Avery Dennison Corporation (US), tesa SE (Germany), Scapa Group plc (UK), Intertape Polymer Group (Canada), Compagnie de Saint-Gobain S.A. (France), Berry Global, Inc. (US), Advance Tapes International (UK), Stokvis Tapes BV (Netherlands), Shurtape Technologies, LLC (US), DeWAL Industries (US), MBK Tape Solutions (US), GERGONNE - The Adhesive Solution (France), Adhesives Research, Inc. (US), American Biltrite Inc. (US), Can-Do National Tape, Inc. (US), Av-DEC, Inc. (US), JTAPE Limited (UK), Fralock Innovative Materials Manufacturing & Automation (US), UltraTape (US), and Mask-Off Company, Inc. (US).
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